10-15% DECREASE OF TRANSACTIONS IN REAL ESTATE MARKET
By Ara Martirosian

AZG Armenian Daily
26/03/2008

Real estate market

Instability first influences real estate market

Answering the question of "Azg" daily about the influences of March 1-2
incidents on real estate market Head of Armenian Real Estate Cadastre
Committee Manuk Vardanian said that according to monitoring of 15 days
of March the transactions decreased by 10-15 percent. He mentioned
that those incidents had their influence upon real estate market as
the latter needs stability. In case of instability, real estate market
is the most sensitive; it is connected with other spheres of economy –
construction, industry of construction materials, etc. That is to say,
according to Manuk Vardanian, the passivity of real estate market
will also influence other branches of the economy and investment
projects. Consequently, this market needs stability.

Touching upon some indexes recorded in January and February in real
estate market the Chairman of the Cadastre Committee informed that
in spite of tension of those months the transactions increased;
in February – 12772 transactions that compared with January
increased by 38 percent, and compared with February of last year –
31 percent. Growth is recorded in all types of transactions.

What about the prices of the apartments in Yerevan Manuk Vardanian
informed that compared with February of last year the prices here
rose by 25 percent (expressed in AMD) and by 44 percent (expressed
in foreign currency).

Compared with January the prices in February rose by 1
percent. According to Cadastre State Committee data, higher prices
are recorded in Avan, Nor Nork and Arambir of Yerevan.